MORTGAGE MONEY: Settlement Deadline Nears

MORTGAGE MONEY: Settlement Deadline Nears

Some Iowans who lost their homes to foreclosure between 2008 and 2011 are running out of time to get payment from a $25 billion national mortgage settlement.

The Iowa Attorney General’s Office says only about 56-percent of Iowans who were notified they might meet the requirements for a settlement, have applied for one. The state says more than 11,000 borrowers in Iowa might be eligible for a payment.

Borrowers who were foreclosed on between January 1, 2008 and December 31, 2011 and had mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo may qualify for a payment from the settlement.

“I hope any Iowan who received our notice in the male responds to it, because they likely qualify for money that they’re entitled to under the settlement,” says Attorney General Tom Miller. “This is partial compensation for the mortgage servicers’ illegal conduct and servicing abuse.”

The claim deadline is January 18th.

If you think you may be eligible for a payment you can contact the settlement administrator at 1-866-430-8358 or by e-mailing administrator@nationalmortgagesettlement.com.